A report commissioned by London Mayor Sadiq Khan shows that if Britain fails to strike a trade deal with the European Union, the next 12 years are going to be uncertain for the country.
The country will have possibility of losing 500,000 jobs and 50 billion pounds ($67.41 billion) investment.
“If the Government continues to mishandle the negotiations we could be heading for a lost decade of lower growth and lower employment,” Khan said. “Ministers are fast running out of time to turn the negotiations around.”
Cambridge Econometrics, an economics consultancy, has analysed five varied Brexit scenarios and evaluated the economic impact on nine industries, from construction to finance.
A disagreement between Britain and the EU over the future access to single market for London’s enormous financial services industry is going to be one of the key Brexit battlegrounds before Britain is due to leave the bloc in March 2019.